USA Technologies, Inc. Announces Pricing of Public Offering

May 23, 2018 07:00 AM Eastern Daylight Time

MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc. (NASDAQ:USAT) (“USAT”), a premier payment
technology service provider of integrated cashless and mobile
transactions in the self-service retail market, today announced that on
May 22, 2018, it priced its underwritten public offering consisting of
5,432,583 shares of its common stock to be sold by USAT and 553,187
shares of its common stock to be sold by certain selling shareholders,
at a public offering price of $11.00 per share. The gross proceeds to
USAT from the offering, before deducting underwriting discounts and
commissions and other offering expenses, are expected to be
approximately $59.76 million. In addition, USAT has granted the
underwriters a 30-day option to purchase up to an additional 897,866
shares of common stock from USAT on the same terms and conditions as the
initial shares sold to the underwriters. The offering is expected to
close on May 25, 2018, subject to customary closing conditions.

William Blair & Company, L.L.C. is acting as the sole book-running
manager, and Craig-Hallum Capital Group LLC, Northland Securities, Inc.,
and Barrington Research Associates, Inc. are acting as co-managers for
the offering.

A registration statement relating to these securities was declared
effective by the Securities and Exchange Commission on May 22, 2018. The
offering of these securities will be made only by means of a prospectus,
copies of which, when available, may be obtained from William Blair &
Company, L.L.C., 150 North Riverside Plaza, Chicago, Illinois 60606,
Attention: Prospectus Department, or by calling (800) 621-0687, or by
email at prospectus@williamblair.com;
from Craig-Hallum Capital Group LLC, 222 South 9th Street, Suite 350,
Minneapolis, Minnesota 55402, Attention: Anthony Humphrey, or by calling
(612) 334-6300, or by email at prospectus@chlm.com;
from Northland Securities, Inc., 150 South Fifth Street, Suite 3300,
Minneapolis, Minnesota 55402, Attention: Heidi Fletcher, or by calling
(612) 851-4918, or by email at hfletcher@northlandcapitalmarkets.com;
or from Barrington Research Associates, Inc., 161 North Clark Street,
Suite 2950, Chicago, Illinois 60601, Attention: Craig Christensen, or by
calling (312) 634-6356, or by email at cec@brai.com.
Northland Capital Markets is the trade name for certain capital markets
and investment banking services of Northland Securities, Inc., member
FINRA/SIPC.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to the registration or
qualification under the securities laws of such state or jurisdiction.

About USA Technologies

USA Technologies, Inc. is a premier payment technology service provider
of integrated cashless and mobile transactions in the self-service
retail market. The company also provides a broad line of cashless
acceptance technologies including its NFC-ready ePort® G-series, ePort
Mobile® for customers on the go, ePort® Interactive, and QuickConnect,
an API Web service for developers. Through its recent acquisition of
Cantaloupe Systems, Inc. (“Cantaloupe”), the company also offers
logistics, dynamic route scheduling, automated pre-kitting, responsive
merchandising, inventory management, warehouse and accounting management
solutions. Cantaloupe is a premier provider of cloud and mobile
solutions for vending, micro markets, and office coffee services.

Forward-Looking Statements

USAT cautions you that statements in this press release that are not a
description of historical facts are forward-looking statements. These
statements are based on the company’s current beliefs and expectations.
These forward-looking statements include statements regarding the
timing, size, and nature of the public offering. The inclusion of
forward-looking statements should not be regarded as a representation by
USAT that any of its plans will be achieved. Actual results may differ
from those set forth in this press release due to conditions affecting
the capital markets, general economic, industry, or political
conditions, the satisfaction of customary closing conditions related to
the proposed public offering, and other risks described in USAT’s prior
press releases and in USAT’s filings with the Securities and Exchange
Commission, including under the heading “Risk Factors” in the
registration statement. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof, and USAT undertakes no obligation to revise or update this press
release to reflect events or circumstances after the date hereof. All
forward-looking statements are qualified in their entirety by this
cautionary statement, which is made under the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.